4 significant ways COVID-19 has changed my financial planning advice to clients - Business Insider

serves as a home storm shelter. While it doesn't provide 100% protection from the storm, your chances for survival are increased substantially by having one and utilizing it properly during the storm. three to six months of essential household expenses

In practice, many advisers — including myself — are guilty of glossing over this element of the financial plan. Not due to negligence or professional incompetence, but due to the reality that many middle-class and affluent families struggle to meet this goal. Indeed, as statistics show, most families, regardless of income level, struggle to come up with as little as $400 in a financial emergency.

COVID-19 showed me that skating around this part of the financial plan is now a non-starter. Like insurance, the emergency fund is not something that we can shift lower on the list of priorities or check off with an "in development" status. Seriously, there are families that applied for unemployment back in March that still have yet to receive their first check. Let that sink in for a minute.

In the wake of COVID-19, the ability to quickly pull up a budget and make decisions is critical. Especially during a fluid time like March and April when decisions about when to file taxes could impact whether a couple would receive $2,400 in stimulus payments, or the shutdown of restaurants meant household expenses were reduced .

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